Institutes pull out of Cognitor talks

The drive to develop a global business qualification, designed to protect the status of the accountancy profession in the business world, was stepped up last week as the representatives of the bodies met in New York.

The proposals were met with a ‘No’ vote from the institutes’ councils forcing them to withdraw their participation. Next week the English ICA’s council will decide whether it will continue its participation in the eight-institute global task force.

President of the Institute of Chartered Accountants of Scotland Grenville Johnston, said: ‘The Scots CA qualification is already an international passport to business success. It offers a unique combination of business advisory skills.

‘Education and professional qualifications are a fast-moving part of our competitive world. We have concluded that the proposed Cognitor initiative is not the way forward for our profession.’

David Simpson, president of the Irish institute, said: ‘While supporting the concept of a global business qualification, Council had significant concerns about the viability of the model outlined in the business plan. With regret, the ICAI Council decided that it had no option but to withdraw from direct participation in the project at this time.’

It is believed the institutes withdrew fearing the Americans – the driving force behind the proposals – were moving too far away from the CA brand.A statement issued by the English ICA stated: ‘The project to develop this new international qualification has now reached the stage where the Institute’s Council must decide whether or not to proceed. This discussion will take place during the private business of the Council meeting to be held on 4 October. It would be inappropriate to comment further on the matter ahead of this date. A statement will be issued following Council’s decision.’


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